Question:Applying for credit after closing

[Anonymous]

I have been closed on my home loan since May 5th, 2015.  I am wondering when it is ok to apply for credit again?  My mortgage broker told me to wait 45 days so that the mortgage company can sell my mortgage.  She told me that if I apply for credit and they haven't sold my mortgage yet that they could make her buy back the loan and that I could possibly lose my home and have to move out.  Is this true?  I'm in Kentucky if that helps any.  I am tired of waiting.  I need to get my drive way raised and I need credit to do it.

[Anonymous]

Also, I would like to dispute something on my equifax report that should have come off months ago but they are stubborn about removing anything for me.  Can I do this now as well?

[coterotie]

First how would they know you applied for credit unless they re-pulled your credit?  I can guarantee in the thousands of forms you signed, nothing in there prevents you from applying for credit or gives them permission to to do hard pulls of your credit.  Also, they don't want your home back, do you honestly think they want to spend 20% of the  value of the loan to foreclose on you when you haven't missed a payment.  Cause the person you bought it from won't be giving them any money back.  Have you made the first payment yet?

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@Anonymous wrote:

I have been closed on my home loan since May 5th, 2015.  I am wondering when it is ok to apply for credit again?  My mortgage broker told me to wait 45 days so that the mortgage company can sell my mortgage.  She told me that if I apply for credit and they haven't sold my mortgage yet that they could make her buy back the loan and that I could possibly lose my home and have to move out.  Is this true?  I'm in Kentucky if that helps any.  I am tired of waiting.  I need to get my drive way raised and I need credit to do it.

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[coterotie]

Dispute away.

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@Anonymous wrote:

Also, I would like to dispute something on my equifax report that should have come off months ago but they are stubborn about removing anything for me.  Can I do this now as well?

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[Anonymous]

First payment is not due until July 1.  Haven't gotten a thing from the mortgage company yet.  Starting to wonder what is going on.  My deed is recorded so I would think it would not be that easy to throw me out of the house if I haven't even missed a payment.  I just don't understand I guess.

[StartingOver10]

I have never heard of such a request.  Who is this mortgage broker co?  It just doesn't sound right at all.

[dragontears]

To the best of my knowledge once you close your loan there is no way a lender can change it (assuming you make your payments on time). Mortgages have set terms that are agreed upon (interest rate, P&I amount, etc) by both you and the lender, the lender can't change any of the terms and they can't come back to you and say "Oh we changed our mind pay us back all the money right now".

I applied for a new credit card 6 hours after closing on my house last year.

[frugalQ]

hey there frustrated!!!  how are you coming along in the new house?

someone has given you really bad advice!!!  You can get new credit now.  Your mortgage process is done and completed and recorded.  nothing they can do to you as long as you pay your mortgage.  the closing attorney told us that once we signed the documents we were free to do as we pleased.

[Anonymous]

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@frugalQ wrote:

hey there frustrated!!!  how are you coming along in the new house?

someone has given you really bad advice!!!  You can get new credit now.  Your mortgage process is done and completed and recorded.  nothing they can do to you as long as you pay your mortgage.  the closing attorney told us that once we signed the documents we were free to do as we pleased.

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Hi frugalQ.  I'm loving my new home.  It's great. 

I thought it sounded off to ask me not to apply for credit.  I did wait 35 days.  I went ahead and applied for the pre-qual from Chase Freedom and I got approved!  I am ecstatic!  One year ago I couldn't have gotten a credit card for 50 cents!lol  I just really wanted that added security that if something goes wrong I will have a card to fall back on for an emergency.  I don't even plan on using it really.  Just because I applied doesn't mean I owe anything.  I pray it doesn;t come back on me in a bad way.  I would die if I lost my house.  I have been waiting and waiting to get something in the mail from the mortgage company and my first payment is due in 20 days!  I have it and am ready to pay it but I haven't gotten a thing!

[Anonymous]

One more question, when a mortgage company sells a mortgage, how does that work?  Do they sell it based on the information it was approved on or do they look at your credit at the time they are selling it?  This re-selling of mortgages is confusing to me.  I know they do it.  What happens if they can't sell it?